ENERGY

By Tsvetana Paraskova of OilPrice.com

Due to the sanctions, Russia cannot access spare parts from Western engineering companies that have provided refinery equipment in the past, leaving Russian refiners struggling to repair damaged units, multiple industry sources in Russia have told Reuters.

Western firms including America’s UOP and Swiss ABB have supplied parts and equipment to major Russian refineries in the past. After the invasion of Ukraine, they no longer fulfill new (more…)

Authored by Tsvetana Paraskova via OilPrice.com,

Saudi oil giant Aramco, the world’s top crude oil exporter, hiked on Friday the prices of most of its crude grades for May, as Middle Eastern benchmarks are strengthening in a market that looks increasingly tight.  

For a second consecutive month, Saudi Arabia raised the price of Arab Light, its flagship grade selling in Asia, by more than expected.

Aramco set the official selling price (OSP) of Arab Light for Asia (more…)

Authored by Tsvetana Paraskova via OilPrice.com,

• At the COP28 climate summit at the end of last year, the United States and 21 other countries pledged to triple nuclear energy capacities by 2050.

• Most Western governments – with the notable exception of Germany – are now betting on nuclear power to help them with the carbon emission targets.

• The West has seen in recent years several cautionary tales of huge delays and cost overruns in looking to boost nuclear (more…)